How to survive January when payday seems like a lifetime away

You can make it to the end of January without breaking the bank (Picture: Getty)

For many across the UK, an early payday in December was a life-saver.

It meant you could enjoy your work Christmas party, get all those last minute presents and have some money left over for brussel sprouts on the big day.

But Christmas is a lifetime ago now and if you can’t remember the last time you got paid don’t worry – you are not alone.

It may feel like you will have to sell a spare kidney just to get through the last couple of weeks of January but there are some things you can do to make make your pennies last until payday.

What do the experts say?

Shop smart

Michael Foote, money saving and comparison site Quote Goat, advises planing meals in advanced and buying in bulk rather than shopping every day.

He said: ‘Aim for one weekly shop by planning your meals in advance. Smaller versions of supermarkets have risen in popularity due to their convenience, however they are significantly more expensive than larger stores. As well as cheaper prices, visiting a supermarket once a week makes you far less likely to impulse buy, keeping your weekly food spend to a minimum.’

And instead of spending £5 a day on lunch, it may sound simple and obvious, but taking a sandwich from home could save you as much as £80 a month.

And it turns out that dry January might be good for your wallet as well as your health and by cutting out drinking for the next week or two – you might save a bomb.

‘If you go out just one night a week usually and spend £30, that’s £120 saved per month,’ Michael said.

Cutting down on impulse shopping and by using price comparison sites and voucher codes, you could make some serious savings.

Cashback sites – like TopCashback.co.uk – takes shoppers straight to the retailers’ website through its site where shoppers can then get cash back on their purchases.

Small but vital changes could see you through until pay day (Picture: Getty)

Split your commute

Michael advises commuters to use ticket-splitting websites to reduce the cost of train journeys.

‘If you are planning on using the train to make a journey, you may find it cheaper to split your journey into two or more tickets along the route as opposed to buying one ticket from start to finish,’ he said.

‘Split-ticketing is completely within train operator companies’ terms and conditions and there are websites available to calculate the cheapest combination of tickets for you.

‘Expect to see savings of up to 80 percent on some journeys.’

Use a money saving app

Anthony Morrow, CEO and co-founder of evestor.co.uk – an online financial advice service – said there are a number of apps that could help people save money.

‘Apps like Vouchercloud use your location to share discounts on shops and restaurants near you.

‘Red Laser scans barcodes and compares the product you’re about to buy to other high street retailers, highlighting cheaper options for you.

‘While the meandmymoney app pulls information from all of your current accounts, saving accounts, credit cards and loans – helping you to keep track of your spending in one place.’

Switch things up

In the long term, Natasha Smith at money saving website TopCashback.co.uk, says small changes can make a big difference, from ditching the daily coffee to switching your household bills.

‘Consumers can really benefit from setting time aside to review their finances and it can save them hundreds,’ Natasha said.

She advises switching energy suppliers and insurance policies that could give you a discount. TopCashback.co.uk is currently offering up to £65 cashback when switching to SSE energy.

Cancel that subscription

Victor Trokoudes, CEO and founder of Plum, a personal money assistant powered by AI, advises you to review your subscriptions and cancel any you no longer use.

Forgot to cancel after that free first month? Hop to it.

‘People on average spend £50 per month on unwanted subscriptions, which are made so you simply forget about them, so it’s vital to check whether you are still being charged for old, forgotten subscriptions, or if cheaper options are now available,’ Victor said.

‘Use January to review what goes out every month and diarise when your subscription renews to ensure you aren’t ‘rolled over’ into a new contract without realising it. Cutting outgoings by even £10-£20 a month will soon add up in the long run.’